ogden & hawkes real estate investment self storage facility, salem massachusetts

Ogden & HawkesReal Estate Investment

Self Storage Facility, Salem Massachusetts



Property Description

This 300 unit self-storage facility is located on one of three entrance corridors to Salem, Massachusetts, a city of 300,000 residents.

The converted factory building was renovated in 1997 and has been an established and well known business since 1998.

With over 3000 car traffic counts on it’s 270’ frontage and 4 story height, it has a commanding presence in the center of the growing city.

Adjacent transit systems, municipal facilities, college, dormitories, schools, hospital, and state court system, allows it to draw not only from a high rental demographic in the 1, 3 and 5 mile ring, but a strong commercial client base as well.



Property Assets

Land

Total Area: 27,470 sf.

Open Area: 17,000 sf

Frontage: 270’, 150’, 370’

Parking: 20-30

Zoning: Industrial

Building

Total Area: 33,000 s.f.

Net Leasable: 24,000 s.f.

Buildings: 2; (4 story & 1 story)

Units: 300+

Unit Mix: 5x5 up to 20x30



Property Financials

2008 Pro Forma Income

Gross Rent: $267,000

Other Income: $28,000

Total Income: $290,000

Current Expenses

Operating Expenses: 110,000

RE Taxes: 26,000

Total Expenses: 136,000

Current Statistics

Unit Occupancy: 75%

S.F. Occupancy: 81.21%

Avg. $/s.f./m: $1

Added Values

Penske Truck Rental

Land Value

Expansion



Property Acquisition

NOI 2008 200,000

Cost/s.f. $68.18

Acquisition $2,250,000



Property Photographs

ogden & hawkes real estate investment self storage facility, salem massachusetts

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